A historically African-American neighborhood, Fort Greene is rich with history. It is a designated historic district and it’s a home to many art museums. Living in Fort Greene gives you the feeling you are a part of history, with many landmarks like the Masonic Temple being within the walking distance. If you are looking to move there, before you hire your local movers Brooklyn NY you should get to know more about the costs of living in Fort Greene.
What makes Fort Greene a perfect neighborhood?
Fort Greene has been developing fast in the past decade and a half. Because of that, the costs of living in Fort Greene have been skyrocketing. Riding on the wave of gentrification, today this neighborhood is an expensive one to live in. That still doesn’t stop people from moving there more and more, with long distance movers Brooklyn having more business than they can handle. Fort Greene is considered one of the best places to live in Brooklyn. Even though it is an expensive neighborhood to live, it isn’t as expensive as Williamsburg for example.
It is said that living in Fort Greene inspired many artists, and none greater than Walt Whitman. It was a home, at least for some period, to Michael Jordan, John Steinbeck, Betty Carter and Lisa Fischer. So, where better to feel inspired than here? The crime rate is below the national average here, both for property and violent crime. The neighborhood itself is walkable and has great public transit system.
Housing prices – most expensive costs of living in Fort Greene
Fort Greene is the center for perfectly kept brownstones and row houses. And it is one of the more expensive neighborhoods in Brooklyn, just below Park Slope and Boerum Hill. Homes built there are mostly in the italianate style or Renaissance or baroque revivals with ornate details. Fort Greene is also home to many new developments and redevelopments as more people are moving there no matter the costs of living.However, all this comes at a high price. The average rent in on one of these beautiful homes is starting at $2,431 for a studio apartment, $3,164 for one-bedrooms and $4,530 for two-bedrooms. Since these prices are only expected to rise, investing in a property in Fort Greene will surely yield a high return in no time.
Investing in Fort Greene real estate
So if you are looking to buy property in Fort Greene, the prices might shock you. The median home sale price in Fort Greene was $1.2M in the first quarter of 2022. To top that off, home sale prices were up to $1.3M in May. Since there is 33% increase year-over-year, which is more than 20% more than the average median home sale price in Brooklyn, now is the time to jump on that investment wagon.
However, the real estate market has decreased somewhat if we consider the number of properties that were sold in the first quarter of 2022. In that three month period, only 19 homes exchanged hands in Fort Greene, which is a drop of around 38% compared to the same quarter of the previous year. Again, this is good news for investment property because of the supply is low and the demand is high. If you have already found that perfect home to live in, the only investment you should make is hiring the best Fort Greene movers.
Besides rent, we pay most for utilities. When moving in, this is the first and the most expensive line on the budget, along with any specialty moving services like pool table movers NY. However, as most costs of living, this one also depends on your lifestyle. Not only that, but if you live in a one person household, you will probably pay less for utilities. Nonetheless, Fort Greene basic utilities are not that high. Monthly basic utilities for one person usually add up to around $154. 30 for a one bedroom apartment. These basic utilities in Fort Greene usually include electricity, heating and cooling, water, garbage. All of these also depend heavily on the usage so the end cost really depends on you.
Fort Greene can be considered a walkable neighborhood. However, since most Americans commute to work, we should go over the basic costs of life when it comes to transportation. An average commute to Wall Street will take you less than half an hour. Additionally, Downtown Brooklyn is only 15 minutes away on foot. A MetroCard for the subway or bus costs $127.50 per month. However, senior citizens and those with a disability do qualify for reduced fares. You can access the city via many lines such as lines 2,3, 4, 5, B, D, N, Q and R.
Eating in and eating out in Fort Greene
It should bear no mentioning that if you frequently eat out, your costs of living in Fort Greene will be higher. Restaurant prices, whether for casual eating or fine dining are on par as the rest of the Brooklyn. So, for a meal at a mid-range restaurant you can expect to pay around a $100, without tax. If you are looking eat out and to cut costs at the same time there are cheaper restaurants. A meal at an inexpensive restaurant or fast food establishment would cost you anywhere from $19 to $40. For a cup of coffee to go you can expect to pay around $7. Of course, the total cost of your groceries depends on whether you eat in or eat out more.
What are the total costs of living in Fort Greene?
So, what are the total costs of living in Fort Greene? While most of that is individual, what you can expect to pay the most is rent or mortgage. Fort Greene real estate market is one of the most expensive in Brooklyn. Utilities, transportation are on par with the rest of Brooklyn. All things considered, although it may seem expensive, we are sure that moving there will be worth it simply because of the magic and the history that you can feel in Fort Greene.